Broad Equity Market Tone:
- Advance/Decline Line: Substantially Higher
- Sector Performance: Almost Every Sector Rising
- Volume: Around Average
- Market Leading Stocks: Outperforming
Equity Investor Angst:
- Volatility(VIX) 15.2 -4.5%
- Euro/Yen Carry Return Index 130.53 +.62%
- Emerging Markets Currency Volatility(VXY) 8.91 -.78%
- S&P 500 Implied Correlation 41.55 -1.8%
- ISE Sentiment Index 139.0 -1.42%
- Total Put/Call .78 -9.3%
- NYSE Arms .82 -32.2%
Credit Investor Angst:
- North American Investment Grade CDS Index 65.50 -3.21%
- America Energy Sector High-Yield CDS Index 568.0 +.14%
- European Financial Sector CDS Index 89.88 -2.08%
- Italian/German 10Y Yld Spread 271.25 -6.75 basis points
- Asia Ex-Japan Investment Grade CDS Index 78.57 -2.0%
- Emerging Market CDS Index 175.12 -1.82%
- iBoxx Offshore RMB China Corporate High Yield Index 156.70 +.17%
- 2-Year Swap Spread 13.5 unch.
- TED Spread 27.25 -2.5 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -8.5 +.5 basis point.
Economic Gauges:
- Bloomberg Emerging Markets Currency Index 68.25 +.36%
- 3-Month T-Bill Yield 2.43% +1.0 basis point
- Yield Curve 17.75 +.75 basis point
- China Iron Ore Spot 83.15 USD/Metric Tonne -1.81%
- Citi US Economic Surprise Index 15.20 -2.1 points
- Citi Eurozone Economic Surprise Index -77.6 -.7 point
- Citi Emerging Markets Economic Surprise Index -7.9 +.5 point
- 10-Year TIPS Spread 1.84 +2.0 basis points
- 0.0% chance of Fed rate hike at May 1st meeting, 1.1% chance at June 19th meeting
Overseas Futures:
- Nikkei 225 Futures: Indicating +86 open in Japan
- China A50 Futures: Indicating +24 open in China
- DAX Futures: Indicating +8 open in Germany
Portfolio:
- Higher: On gains in my tech/biotech/medical/retail/industrial sector longs
- Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
- Market Exposure: Moved to 100% Net Long
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